Siam Commercial Bank (SCB), the oldest bank in Thailand, has announced a new $50 million fund to invest in global blockchain, decentralized finance (DeFi), and digital asset startups in their early and growth stages.
It has been reported that the fund is just the latest of Siam Commercial Bank’s forays into the blockchain and fintech space. The institution has previously partnered with Ripple on a blockchain-powered mobile app and worked with Azimo to use RippleNet for cross-border payments.
#DeFi #blockchain and digital asset startups worldwide will be able to tap a new venture fund set up by Siam Commercial Bank's SCB 10X https://t.co/MlfDiAusgP — Cointelegraph (@Cointelegraph) February 9, 2021
However, given that Thailand is a major remittance destination, the SCB appears to be well aware of the potential benefits blockchain and other fintech developments stand to offer the country.
Thus, Mukaya Panich, the Chief Venture and Investment Officer at SCB 10X, said:
“In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation. With our new $50m VC fund, we will invest across the capital stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralized finance globally.”